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<br /> into an agreement with Stone & Youngberg , a partnership of San Francisco , by virtue
<br /> of which agreement , previously signed agreements with said Stone & Youngberg and
<br /> also with the District Reorganization Service Company are cancelled and certain
<br /> stipulations set forth concerning the relationship between the City of Redwood City
<br /> and Stone & Youngberg in the retiring of 1915 Act Bonds and the payment of $14 , 437. 50
<br /> ( calling for the payment of $5 , 000 immediately and the balance by January 30 , 1937) ,
<br /> the difference between the former rate of 301 and the present rate agreed upon at
<br /> 2-3/4% applied to the $350 , 000 bonds to be issued pursuant to the election of
<br /> December 8 . Carried.
<br /> Councilman McNulty , seconded by Councilman Eva , proposed the adoption of the resolution
<br /> providing for the sale of $350 ,000 General Improvement Fund Bonds of 1937 to Stone &
<br /> Youngberg at par with interest at the rate of 2-3/4%. Carried :
<br /> RESOLUT ION
<br /> OF THE COUNCIL OF THE CITY OF REDWOOD CITY SELLING $350 , 000
<br /> PRINCIPAL AMOUNT OF GENERAL IMPROVEMENT FUND
<br /> BONDS OF 1937
<br /> WHEREAS , the Council of the City of Redwood City has duly authorized
<br /> the issuance of $350 , 000 principal amount of General Improvement Fund Bonds of
<br /> 1937 , to be dated January 1 , 1937 , consisting of 350 bonds of the denomination
<br /> of $1000 each , numbered from 1 to 350 , inclusive , and maturing in consecutive
<br /> numerical order $35 , 000 principal amount on January 1st in each of the years
<br /> 1738 to 1947 , both inclusive , and to bear interest at a rate not to exceed four
<br /> ( 4) per cent per annum , payable semi-annually; and
<br /> WHEREAS , said bonds are to be issued for the objects and purposes
<br /> more particularly described in Ordinance No. 386 of the City of Redwood City
<br /> finally passed and adopted on the 2d day of November , 1936 , calling an election
<br /> in said City for December 8 , 1936 , to-wit : for the acquisition of certain out-
<br /> standing special assessment bonds more particularly described in said ordinance ;
<br /> and
<br /> WHEREAS , pending the actual delivery of said General Improvement Fund
<br /> Bonds of 1937 it is necessary that said City insure the sale and delivery of said
<br /> bonds in order to proceed immediately to negotiate with the holders of said
<br /> special assessment bonds for the acquisition thereof; and
<br /> WHEREAS , Messrs. Stone & Youngberg have offered to purchase all of said
<br /> General, Improvement Fund Bonds of 1937 at the price of par and accrued interest
<br /> thereon to date of delivery , such bonds to bear interest at the rate of two and
<br /> three-quarters ( 2-3/44) per cent per annum , payable semi-annually January let and
<br /> July 1st in each year ; and
<br /> WHEREAS it is to the best interest of said City to accept said offer
<br /> and to sell said bonds ,
<br /> NOW , THEREFORE , BE IT RESOLVED by the Council of the City of Redwood
<br /> City as follows :
<br /> Section 1 . That the following offer for the purchase of $350 ,000
<br /> principal amount of General Improvement Fund Bonds of 1937 of the City of Redwood
<br /> City , to-wit :
<br /> " San Francisco , December 14 , 1936 .
<br /> City Council of
<br /> Redwood City ,
<br /> California.
<br /> Dear Sirs :
<br /> For $350 , 000 principal amount of General Improvement Fund Bonds of
<br /> 1937 of the City of Redwood City , to be dated January 1 , 1937 , consisting
<br /> of 350 bonds of the denomination of $1000 each , numbered from 1 to 350 ,
<br /> inclusive , maturing in consecutive numerical order $35 , 000 principal
<br /> amount on January 1st in each of the years 1938 to 1947, both inclusive ,
<br /> said bonds to bear interest at the rate of 2-3/4% per annum , payable semi-
<br /> annually on January 1st and July 1st , we offer to purchase and pay for the
<br /> same at the par value thereof and accrued interest thereon at the rate
<br /> above specified to date of delivery. This offer is subject to the following
<br /> conditions :
<br />
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